Handler Real Estate Organization arranged a long-term lease at its 561 7th Avenue property with Philippine National Bank (PNB) taking the entire 3,944 s/f second floor.
The new space will serve as the financial institution’s New York City headquarters.
Relocating from Lower Manhattan, PNB is scheduled to occupy its new corporate offices in spring of 2016, pending build-out.
The second floor office comes with nine-foot windows and 110 feet of frontage wrapping 7th Avenue and 40th Street, offering prominent exposure and views in a prime Midtown location.
In a strategic alliance, PNB will be dedicating a section of its new office space to Philippine Airlines, the flag carrier of the Philippines.
“Philippine National Bank is a major financial institution and a tremendous addition to our building’s diverse roster of tenants,” said Handler principal and CEO Scott Galin, who along with Richard Farley and Darell Handler represented ownership in the transaction.
“We are proud to have them take the property’s coveted second floor space.”
Farley added that PNB relocated from Downtown to Midtown for the convenience of their customers and clients, with superior location and access to transportation compared with what was available to them in Lower Manhattan. In addition, the floor plate for their new offices at 561 7th Avenue provides for an efficient layout.
Philippine National Bank is one of the Philippine’s largest private banks, with approximately 656 branches located in the Philippines. It has 77 overseas branches and offices.
Gary Ceder, of Cushman & Wakefield, and Nick Bates, of CBRE, represented the tenant in the transaction.